Bitcoin Blasts Past $85,000 as Short Squeeze Fuels Rally

Bitcoin's price surged above $85,000, marking a significant milestone in its recovery. The cryptocurrency had been trading near $85,250, up 4.4% and roughly 9% over seven days, according to Hokanews.

The brief dip below $75,000 earlier this week has turned into support, with buyers establishing a strong presence around the $75,000-$76,000 area.

As Bitcoin broke above its 200-day moving average, technical indicators improved, but resistance remains at higher levels. The next significant barrier sits between $87,000 and $90,000, where sellers could attempt to slow the advance.